Following advice from JP Morgan, F&N's board said today: “The OUE offer price is not compelling but fair, from a financial point of view.” The view mirrors that of F&N's view on the ThaiBev offer.

If OUE captures F&N, Kirin has agreed to acquire F&N's food and beverage business. In the circular, JP Morgan says Kirin's offer for this part of the business is "fair, from a financial point of view".

Meanwhile, the Chang brewer announced late last night that another subsidiary, Internationnal Beverage Holdings Limited, has transferred its 28.63% stake in F&N to its own wholly-owned subsidiary, Interbev Investment Limited.